Using multiple property managers?

Our Experts Answer:

You need to look at the arrangement that you have with your letting agent. Are you paying the agent for effort rather than results? Is it an exclusive agency? If not, then the appointment of a second agent on a similar basis should not be a problem. However, be wary of having two agents with carte blanche authority to sign tenancy contracts. What happens if they both sign up different tenants, unaware of each other’s activity? You must ensure that this sort of confusion is avoided. One way is to retain for yourself the authority to approve a tenancy application. Remember, though, that with Internet advertising all agents are effectively “fishing in the same pond”. Having a second agent advertising the same property can work against you and dilute the efforts of both agents to find your tenant for you. The race could be on to find the first tenant rather than the most appropriate one!